Covid variant spooks investors out of UK equities

The data for May also showed that active equity funds saw inflows of £1.6bn, almost three times that of the £580m invested in passive funds.

Active funds have now beaten passive funds in terms of inflows for the last six out of seven months. 

Calastone highlighted how ESG funds "remain a key part of the active success story", but in May they only accounted for £680m in inflows, with other active equity funds accounting for the remaining £930m.